Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1887-04-22
vERMoNT's BANKING INTERESTS.
Interesting Statistics from Financial Re-
ports-The Increase in Bank Deposits.

ports-The Increase in Bank Deposits.
A letter from st. Adams to the Boston
journal says: at appears from recently
published reports of national and State
bank officials that the chartered financial
institutions in Vermont are in a flourish
ing condition, and that the volume of
business transacted by them last year was
greater than in any previous year. More
than S2S, 100000 is at present invested in
the stock of and on deposit in the national
banks and the savings banks and trust
companies in Vermont OF this amount
the State institutions hold half in the form
of deposits, or more than Sl4, 000, 600. Since
the passage of the national banking law
81 national banks have been organized In
Vermont, of which number II have gone
into liquidation There are at present
80 national banks in the State, with as.
sets and liabilities as follows: Capital, 81
G9l 600; circulation, 81 59S015; loans
and discounts, l,113.5S0 individual de
posits, S5,9l5,l2 The national banks
organized since 1882 are as follows: Kill
lington National at Rntland, capital,
500 600; Merchants National at Rutland,
100000 Weldon National at ST Adams,
500, 900; National of Windsor at Wind.
sor 100000: National of White River
junction, $4,000; National of Lyndon
vile, $4,000 Gray National of Middle
town Springs, $4,000.
OF the banks which have suspended dur
ing this period all but two have gone into
voluntary liquidation. The banks which
have been forced into liquidation and
placed in the hands of receiver, are the
Vermont National and the First National
OF ST. Adams. The Vermont National of
st. Adams failed August Q, 1888. The
bank had capital of 5000 600 and nominal
assets of $780, IS at the time it suspend
ed. The amount collected by Receiver
Hendee up to the close of last year was
223,9S2. Claims to the amount of $40l,-
492 were proved by creditors. Dividends
paid by Receiver Hendee. The First Ma
tional bank of st. Adams suspended April
~, 1854, Its capital being 100000. The
nominal assets were reported to be $500
I96. Claims to the amount of 1888 2S5
were proved by creditors. Dividends
amounting to % per cent have been paid
The recent judgment in the United States
circuit Court against Oscar A. Burton
and Albert Sowles for S32 600 in favor of
the First National would, if paid, admit
Of the payment of a 10 per cent dividend
by Receiver Writers.
There are at present % savings banks
and trust companies doing business in
Vermont having in round numbers 30. 600
depostors and Sl4 000, 600 in deposits. This
is an increase of 2G15 depositers and S554,
COO in deposits since 1855.
The figures of the number and condi-
ton of the savings banks and trust com.
panles at various periods is shown below
Year. No. Institutions. Amt. Deposit.
lStb. ...............1 ......S $50 00O
lSi6..................l5 .............. e., 10000
1856. ..........-. ..2G....... ....... 14,25OUOU
During the last five years eight new
savings banks and trust companies have
been chartered by the State, rs follows
Granite Savings bank of Barre, Lyndon
Savings bank of Lyndonville, Marble Saw
lngs bank of Rutland, Burlington Trust
company of Burlington, Rutland Trust
company of Rutland. Peoples Trust com
pany of st. Adams. Citizens Trust COM
pany of st. Johnsbury, Security Savings
bank of Montpelier. These institutions |
posts. The amount of taxes paid into the |
State treasury by these institutions in
1856 was So, 10.
The st. Adams Trust company is the
only financial institution chartered by the |
state which has failed during this period. |
The St Adams Trust company suspended |
August q, 1885, with $3.50, SOB rs due depos- |
ltors. The nominal amount of assets deliv- |
cred to Receiver Rich was S6SS, l73. 36. The |
total amount realized from assets has
been 1857, 1921. Dividends of 20, 10 and
1219 per cent have been declared making
42l per cent realized by deposilors thus
far. Some 10000 of preferred debts have
also been paid by the receiver. The es-
timated value of remaining assets, con
sisting mainly of the Norwood property.
is SS7, 900.